ABC Inc. has an investment project that requires capital expenditure of $30,000 at the start of the project. The expected net cash flows are $3000,$4500, $7000, $8000, $9500, $7000 and $5500 respectively in each of the 7 years. The cost of capital of ABC is 15%. Calculate the payback period of the project.

5.00

4.79

7.00

3.80